Title: Gold bought by Investment Scheme is Halal or Haram

Question: At the time of purchasing gold by investment scheme from the jewellery it was told to pay Rs 5 lakh as advance and then select gold for that. Policy of the scheme was as follows: If the rate of the gold is 13000 per 8 gram on the day we paid advance and if the rate has increased on the day we are purchasing we will get the gold for 13000 per 8 gram itself. If the rate has decreased we will get it for the decreased rate itself. Is the gold bought through this scheme halal?

Answer ID: 43952Posted on: Sep 1, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 335/323/N=1434) For a dealing to be lawful as per the Shariah it is necessary that the price is finally decided in the meeting. If the price is unknown it will nullify the dealing. So it is mentioned in the books of Fiqh and Fatawa. The scheme which you have mentioned in the question it does not have the price being fixed in the meeting; hence as per this scheme it is not lawful to buy gold according to Shariah. If the advance is declared as debt in the beginning then too this dealing shall not be valid, as it is not lawful to decrease the price of an item in business by giving debt. لأن كل قرض جر منفعة فهو ربا .